Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.20.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Income Taxes By Jurisdiction
The provision for income taxes by jurisdiction consists of the following as of December 31, 2019 and 2018:
 
2019
 
2018
U.S. federal:
 
 
 
Current
$

 
$

Deferred

 

Total U.S. federal

 

 
 
 
 
U.S. state and local:
 
 


Current
1,000

 
2,000

Deferred

 

Total U.S. state and local
1,000

 
2,000

 
 
 
 
Foreign:
 
 


  Current

 

  Deferred

 
(1,000
)
Total foreign

 
(1,000
)
 
 
 
 
Provision for income taxes
$
1,000

 
$
1,000

Schedule of Income Taxes Differ From The Amounts Computed By Applying The U.S. Federal Income tax rate to pretax income (loss) before income Taxes
Income taxes differ from the amounts computed by applying the U.S. federal income tax rate to pretax income (loss) before income taxes as a result of the following:
 
2019
 
2018
Expected income tax benefit
$
(6,284,000
)
 
$
(5,211,000
)
State income tax (benefit), net of federal benefit
(2,476,000
)
 
(1,997,000
)
Valuation allowance
9,131,000

 
7,372,000

Permanent differences:
 
 
 
Stock options
493,000

 
285,000

Research & development credit
(715,000
)
 
(405,000
)
Adjustment to deferred taxes
(157,000
)
 
(68,000
)
Foreign rate differential
1,000

 
2,000

Other
8,000

 
23,000

Provision for income taxes
$
1,000

 
$
1,000

Schedule of Components of Deferred Income Tax
Deferred income tax consists of the following:
 
 As of December 31, 2019
 
As of December 31, 2018
U.S. federal and state deferred tax assets—long term:
 
 
 
Accrued payroll
261,000

 
$
102,000

Accrued expenses
77,000

 
45,000

Intangibles
390,000

 
418,000

Research & development credit
3,651,000

 
2,239,000

Net operating loss
27,568,000

 
20,140,000

Stock compensation
672,000

 
612,000

Lease liabilities
750,000

 

New jobs credit
8,000

 
8,000

Total long-term assets
33,377,000

 
23,564,000

Total deferred tax assets
33,377,000

 
23,564,000

 
 
 
 
U.S. federal and state deferred tax liabilities—long term:
 
 
 
Fixed assets

 
(16,000
)
Right of use assets
(701,000
)
 

Total deferred tax liabilities
(701,000
)
 
(16,000
)
Net deferred tax assets - long term
32,676,000

 
23,548,000

 Less: Valuation allowance
(32,676,000
)
 
(23,548,000
)
Net deferred tax assets
$

 
$

 
 
 
 
Foreign deferred tax assets—long term:
 
 
 
Net operating loss
8,000

 
$
9,000

Total foreign deferred tax assets
8,000

 
9,000

 
 
 
 
Foreign deferred tax liabilities—long term:
 
 
 
Intangibles

 
(4,000
)
Total foreign deferred tax liabilities
$

 
(4,000
)
Net foreign deferred tax assets (liabilities)
8,000

 
5,000

       Less: Valuation allowance
(8,000
)
 
(5,000
)
      Net deferred tax assets (liabilities)

 
$